Salt Lake City Ranked Most Popular Metro For Gen Z Homebuyers

SALT LAKE CITY – A new trend has emerged in the real estate market, with Salt Lake City leading the nation as the most popular city for Generation Z homebuyers. According to a recent report from LendingTree, Salt Lake City has the highest share of mortgage requests from Gen Z homebuyers at 22.59%.

Despite the city's average mortgage amount surpassing many of the other major metropolitan areas, its appeal remains high among the younger generation. Salt Lake City offers a thriving jobs market and a compelling blend of urban and rural amenities, making it a magnet for this demographic.

Generation Z, defined by the Pew Research Center as those born between 1997 and 2012, are starting to dip their toes into the housing market. The average age of Gen Z homebuyers in Salt Lake City is notably young at just 22, reflecting a generation eager to establish homeownership early.

Alongside this, the average credit score among potential Gen Z homebuyers in Salt Lake City stands at 678. These younger homebuyers are bringing an average down payment amount of $30,456 to the table. The average requested loan amount among this group is at a hefty $340,484.

The rankings were derived from the percentage of total purchase mortgage requests on LendingTree's platform from adult Gen Z borrowers (18 to 25) as a percentage of the total number of requests from borrowers of all ages. The larger the share of requests from Gen Zers, the higher the metropolitan statistical area (MSA) ranked.

The data was extracted from mortgage purchase requests made by users of the LendingTree mortgage shopping platform across the nation’s 50 largest metropolitan areas from January 1 to December 31, 2022.

This trend highlights a significant shift in the real estate market dynamics and underscores Salt Lake City's attractiveness for the younger generation looking to secure their first homes.